Introducing.............. Lake Superior Coins
Geoman
Posts: 2,491 ✭✭✭
As the 2010 year closes, I thought I would take a minute and formally introduce my new store: Lake Superior Coins, located in Duluth, MN. I have causally mentioned it in a few threads, but thought I would introduce myself and give you some more information as to my new endeavor I undertook this past year. After being a coin collector for approximately 30 years, and a part-time dealer for 8 years setting up at shows, I decided to take the plunge and open a brick & mortar store this past year. The store opened in February of 2010.
One reason I chose to open the store was the one and only coin dealer in Duluth closed his store after 30+ years. So there was no one in town selling coins and I took that opportunity to open my own store. Another reason is I have always wanted to own my own business and haven't been too happy at my current job. So I approached my current employer in August 2009 and asked if I could work part-time 3 days a week (Monday, Tuesday and Wednesday), so I could open a coin store and work there Thursday, Friday and Saturday. They agreed, and I started making plans (for those of you interested, I am a Geologist and work as a Project Manager at an Environmental Consulting firm). I also had a good coin collector friend of my approach me about working in the store and we made a deal where he works Monday, Tuesday and Wednesday in the store, and I work Thursday, Friday and Saturday in the store. This arrangement has been a win-win for both of us and allows me to have the store open 6 days a week.
Below are a few pictures I am attaching so you can see the process I went through. It took several months to find a suitable location, and then I spent several months doing a lot of the work myself to save money. The place had been vacant for several years and needed a lot of work. A new ceiling was installed, new drywall and trim, spent a lot of time painting, had the electric rewired, etc. I also needed to buy display cases, office furniture, safes, computers, insurance, ADT security system, phone & internet, set-up bank accounts, etc. I did have some inventory to begin with, and work with another dealer who basically gave me a lot of his inventory to sell on consignment. Check out the pictures below.
Overall, the first year has been quite successful and I am making a profit. However, all profits I have just sunk back into the store buying up more inventory. I also managed to pay off all my start-up costs and loans. My best selling items are American Silver Eagles (ASEs) and 10-oz silver bars. According to my records, I have sold over 100 rolls of ASEs and over 55 10-oz silver bars since I opened in February. Collector coins are slower, but still selling. I will mention that I do buy quite a bit more than I sell at the store, probably a 4:1 ratio. I have to keep attending coin shows to sell, and also wholesale a lot of 90% silver bullion to other dealers. Several dealers have helped me this first year, including 2 on these forums (Ahrensdad and onthelake).
I do have a website www.lakesuperiorcoins.com but use it primarily as a marketing tool and do not sell off of it yet. Maybe someday...
So, I am very happy with the store, wish I would have done it sooner, and plan someday on retiring from being a Geologist and working at the store full-time. I set up mainly at shows in Minnesota and Wisconsin, but hope to expand to more shows in the midwest in the future. If you are ever at a show and see Lake Superior Coins, please stop by and introduce yourself. I have learned a lot on these boards and made some good friends as well. If anyone has any questions, please feel free to ask of PM me. Thanks to all, and hope everyone has a great New Year!
Bill (i.e. Geoman)
One reason I chose to open the store was the one and only coin dealer in Duluth closed his store after 30+ years. So there was no one in town selling coins and I took that opportunity to open my own store. Another reason is I have always wanted to own my own business and haven't been too happy at my current job. So I approached my current employer in August 2009 and asked if I could work part-time 3 days a week (Monday, Tuesday and Wednesday), so I could open a coin store and work there Thursday, Friday and Saturday. They agreed, and I started making plans (for those of you interested, I am a Geologist and work as a Project Manager at an Environmental Consulting firm). I also had a good coin collector friend of my approach me about working in the store and we made a deal where he works Monday, Tuesday and Wednesday in the store, and I work Thursday, Friday and Saturday in the store. This arrangement has been a win-win for both of us and allows me to have the store open 6 days a week.
Below are a few pictures I am attaching so you can see the process I went through. It took several months to find a suitable location, and then I spent several months doing a lot of the work myself to save money. The place had been vacant for several years and needed a lot of work. A new ceiling was installed, new drywall and trim, spent a lot of time painting, had the electric rewired, etc. I also needed to buy display cases, office furniture, safes, computers, insurance, ADT security system, phone & internet, set-up bank accounts, etc. I did have some inventory to begin with, and work with another dealer who basically gave me a lot of his inventory to sell on consignment. Check out the pictures below.
Overall, the first year has been quite successful and I am making a profit. However, all profits I have just sunk back into the store buying up more inventory. I also managed to pay off all my start-up costs and loans. My best selling items are American Silver Eagles (ASEs) and 10-oz silver bars. According to my records, I have sold over 100 rolls of ASEs and over 55 10-oz silver bars since I opened in February. Collector coins are slower, but still selling. I will mention that I do buy quite a bit more than I sell at the store, probably a 4:1 ratio. I have to keep attending coin shows to sell, and also wholesale a lot of 90% silver bullion to other dealers. Several dealers have helped me this first year, including 2 on these forums (Ahrensdad and onthelake).
I do have a website www.lakesuperiorcoins.com but use it primarily as a marketing tool and do not sell off of it yet. Maybe someday...
So, I am very happy with the store, wish I would have done it sooner, and plan someday on retiring from being a Geologist and working at the store full-time. I set up mainly at shows in Minnesota and Wisconsin, but hope to expand to more shows in the midwest in the future. If you are ever at a show and see Lake Superior Coins, please stop by and introduce yourself. I have learned a lot on these boards and made some good friends as well. If anyone has any questions, please feel free to ask of PM me. Thanks to all, and hope everyone has a great New Year!
Bill (i.e. Geoman)
0
Comments
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Best of luck for 2011,
Lance.
I knew you had opened a shop and it's good to hear you're making headway.
Happy New Year!!
"Inspiration exists, but it has to find you working" Pablo Picasso
I was just in Duluth a few days ago and was hoping to get to your store. My in-laws live up in Proctor and we get to town a few times every year. I promise to stop in the next time we're up. Save some good CBHs for me to consider, OK?
We met at the MOON show. Glad to see your dream coming true! The place looks great.
zap
102 capped bust half dollars - 100 die marriages
BHNC #198
my early American coins & currency: -- http://yankeedoodlecoins.com/
<< <i>It sounds like the rise in silver prices have been a boon for you. Are you ready for when silver prices come down? Just curious. >>
That and good luck!
I remember pm'ing you a year ago about the fixture auction in the twin cities
sweat equity and moving in 10 degree weather is not many peoples idea of fun - but you have accomplished quite a bit in last year
and made a profit in the business - rare in retail for first year I have heard
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
-Paul
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
Best of luck and hope you have many enjoyable years with the store.
...And maybe even need to move to a bigger one someday.
Seriously, best of luck with your shop, I bookmarked your website and will keep ya in mind!
I knew it would happen.
Pat
Sugar magnolia blossoms blooming, heads all empty and I don't care ...
Larry L.
An authorized PCGS dealer, and a contributor to the Red Book.
"Got a flaming heart, can't get my fill"
Great post. It has been a good year. We were glad to see you could make the business profitable. It seemed like a no brainer with your location but as we both know there is allot involved with making a full time shop profitable. I haven't seen anyone work harder! Take care and there will be many more good years ahead.
Dave (onthelake)
www.centralmncoin.com
I hope the website will be used to sell inventory in the future!
"Bongo hurtles along the rain soaked highway of life on underinflated bald retread tires."
~Wayne
Drunner
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
Website-Americana Rare Coin Inc
"Keep your malarkey filter in good operating order" -Walter Breen